Brew Markets Podcast Summary

Episode Title: Tech Giants' Energy Pledge, Drone Batteries & Six Flags Stock Rides Higher
Date: March 5, 2026
Host: Ann Berry
Podcast: Brew Markets by Morning Brew

Episode Overview

In this episode, Ann Berry breaks down several major market stories, focusing on big tech firms’ data center energy commitments, Amprius’ earnings surge and its innovative drone battery technology, and recent moves in retail and amusement park stocks. The tone is lively and conversational yet packed with actionable insights for retail investors.

Main Segment: Tech Giants’ Data Center Energy Pledge

Starts at 01:20

Key Discussion Points

• White House Pledge:

  • Seven tech giants (Google, Meta, Microsoft, Amazon, Oracle, XAI (merging with SpaceX), and OpenAI) signed a non-binding pledge in Washington, D.C., aimed at preventing data center electricity costs from being passed on to consumers.
  • The pledge was prompted by concerns of surging energy demand as AI and data centers expand.
  • Companies committed to invest heavily—building or paying for all required power (including new power stations), upgrading delivery infrastructure, and negotiating rate structures with utilities. They also promised workforce development and providing backup power to local grids ([02:10]).

• Growing Energy Demand:

  • Data centers are projected to consume up to 12% of U.S. electricity by 2028, up from less than 2% pre-2020 ([03:00]).
  • Consumer fear is intensifying: "People think that if the data center goes in, their electricity is going to go up." (– President Trump, 03:13).

• Examples of Company Initiatives:

  • Meta: Behind-the-meter natural gas facility in Ohio exclusively powering their data center ([04:00]).
  • Oracle & OpenAI: Developing off-grid natural gas systems in NM and TX ([04:15]).
  • XAI/SpaceX: Committing to 1.2 gigawatts of power near Memphis, intended to also supply enough backup energy for the city ([04:27]).
  • Amazon: Sourcing its own energy (including renewables) in Oregon ([04:35]).
  • Google (Alphabet):
    • Partnering with Entergy to build a 600 MW solar field and 350 MW battery system in Arkansas ([04:41]).
    • Funding restart of the Dwayne Arnold nuclear facility in Iowa to supply data centers ([05:00]).
    • Microsoft working to reopen the Three Mile Island nuclear facility ([05:11]).

• Industrial Ripple Effects:

  • Major equipment firms (e.g., GE Vernova, Caterpillar, Siemens, Doosan) benefit from this infrastructure boom ([05:20]).

• Geopolitical Context:

  • China invested double the U.S. in grid and energy storage in 2025 and moves faster due to centralized planning ([05:51]).
  • The U.S. grid is aging and complex, with expensive upgrade processes. Regulators decide if costs get passed to consumers or now, ideally, to tech companies ([06:00]).

Notable Quote

"Data centers—they need some PR help. People think that if the data center goes in, their electricity is going to go up."
— President Trump at the pledge signing ([03:13])

Amprius Earnings: A Drone Battery Company in the Spotlight

Starts at 06:31

Listener Question Highlight & Background

• Responding to a YouTube listener, Ann covers Amprius (AMPX), a small-cap company that designs batteries for drones.
• Amprius shares soared up to 16% after its earnings report ([07:05]).

Company Highlights

• Innovation & Leadership:

  • Won CES 2026 Innovation Award in Sustainability & Energy Transition for its 520 Wh/kg battery ([07:14]).
  • CEO Tom Stepien: “We are a battery company. We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger.” ([07:27])
  • Stepien is a technical CEO (Mechanical Engineering degrees, MIT), continuing a trend in tech of engineering-oriented leaders ([08:10]).

• Drone Impact:

  • Stepien: “The [Nokia] drone can stay in the air twice as long...because it’s the density of energy packed into this particular battery size.” ([07:48])

Financials

• Quarterly:
  • Q4 Revenue: $25M (+137% YoY)
  • Adjusted EPS: –$0.01 (better than expected)
  • One-time impairment on a Colorado facility ([08:56])
• Full Year 2025:
  • Revenue: $73M (+200% YoY)
  • Cash: $92M
  • 2026 guidance: Revenue $125M, Adj. EBITDA at least $4M, net loss of $8M ([09:18])

Manufacturing Shift

• Amprius primarily designs batteries, historically partnering with manufacturers in China.
• Transitioning due to customer and defense needs (“Made in America”):
  • Signed (and recently canceled) a Colorado plant lease, shifting to a “capital light manufacturing model,” saving $110M ([10:00]).
  • Expanded contract manufacturing partnerships through Amprius Korea Battery Alliance—leveraging Korea’s advanced ecosystem ([10:45]).

Geopolitics & Supply Chain Risks

• Korea’s critical role in AI and battery supply chains highlighted, recent geopolitical instability in energy logistics (e.g., Strait of Hormuz closures impacting oil and LNG shipments to Korea) ([11:15]).

Defense Contracts

• Growing defense relationship:
  • New $2.8M awarded from the Defense Innovation Unit (total $14.8M) ([11:51]).
  • U.S. gov’t sees secure supply chains for battery technology as critical ([11:54]).

Drone Use-Cases

• Ann discusses dual-use nature of drones:
  • Defense contracts are key but also numerous beneficial civilian applications: search & rescue, firefighting, rural connectivity, medical supply delivery, agriculture ([13:38], [14:00]).
  • Amprius cited for both altruistic and defense-related applications.
• Memorable moment:
  • “I went to the Department of War website for the first time today...I found a page called Drone Dominance and this is a quote: ‘The War Department is unleashing American drone dominance by bolstering the U.S. drone manufacturing base.’” ([13:17])

Notable Quote

“We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger.”
— Tom Stepien, CEO Amprius ([07:27])

“Drone can stay in the air...twice as long. So again, it’s the density of energy packed into this particular battery size.”
— Ann Berry quoting Tom Stepien ([07:48])

Retail & Leisure Stock Moves

Starts at 16:08

Market Close Snapshot

• S&P 500: –0.5%
• Nasdaq: –0.25%
• Dow: –1.1%
• Brent crude oil: +4% to $85 (new 52-week high), driven by Middle East conflict, Strait of Hormuz supply disruptions ([16:18]).

Retail Earnings:

• BJ’s (BJ):

  • Stock down >2% despite “16th consecutive quarter of traffic growth” – guidance missed expectations ([16:56]).

• Victoria’s Secret (VSCO):

  • Beat expectations, “Pink” brand had best growth in years.
  • Tariff impacts to cost $40M; stock down >17% ([17:04]).

• Burlington Stores (BURL):

  • Shares up 6% on Q4 revenue beat and strong 2026 outlook ([17:24]).
  • Ann Berry: “My experience was that the store was so hot and trying on coats was so unpleasant that I left. But that was years ago.” ([17:27])

Real Estate & Leisure:

• Six Flags (FUN):
  • Selling seven regional parks to EPR Properties for $331M; shares +4.5%, but EPR shares down 4% ([18:22]).
  • EPR called “an experiential REIT—acts as a landlord for movie theaters, museums, TopGolf, etc.” ([18:34])
  • Six Flags activists considering real estate asset separation to unlock value.

Final Thought: Nvidia, Regulations, and AI Chips

Starts at 18:44

• U.S. government may require approval for any Nvidia AI chip export, granting broad regulatory control ([19:05]).
• Nvidia shares dropped 2% but rebounded, indicating the market isn’t yet sure the regulation will happen or believes it won’t be too impactful ([19:53]).

Notable Quote

“The idea that the government would dictate which markets you can sell your products into on a very broad basis...astonishing when you think about the implications of this.”
— Ann Berry ([19:53])

Notable Quotes (with Speaker & Timestamp)

• President Trump: “Data centers—they need some PR help. People think that if the data center goes in, their electricity is going to go up.” ([03:13])
• Tom Stepien (Amprius CEO): "We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger." ([07:27])
• Ann Berry (referencing drone batteries): "The drone can stay in the air twice as long... because it’s the density of energy packed into this particular battery size." ([07:48])
• Ann Berry: “I went to the Department of War website for the first time today... found a page called Drone Dominance and this is a quote: 'The War Department is unleashing American drone dominance by bolstering the US drone manufacturing base.'” ([13:17])
• Ann Berry, on government export controls: “The idea that the government would dictate which markets you can sell your products into...astonishing when you think about the implications of this.” ([19:53])

Timestamps for Key Segments

• Tech Energy Pledge Analysis: 01:20–06:14
• Amprius Drone Battery Deep Dive: 06:31–15:05
• Retail, Six Flags, Market Rundown: 16:08–18:44
• Nvidia/AI Chip Export Regulation Discussion: 18:44–20:00

Tone & Style

The episode is straightforward and insightful, aiming for accessibility while packing in details and context relevant to investors. There’s humor and personal anecdotes (e.g., Berry’s Burlington experience, drone racing league memories), keeping the pace lively.

Summary for Non-Listeners

This episode is a must-listen for retail investors and market watchers interested in the intersection of tech growth, energy infrastructure, defense-driven innovation (especially in drones), and shifting dynamics in retail and leisure stocks. The show decodes emerging stories—like Big Tech’s scramble for independent power and its regulatory consequences, how supply chains are shifting for high-tech battery companies like Amprius, and why certain stocks are soaring (or plummeting) in response to both earnings and macro changes. The perspectives are timely and laced with memorable, often unconventional, insights.